CREDIT PROTECTION

Question 1

AUTO CREDIT SCORE

Answer 1

SCORE CALCULATED PRINCIPALLY BASED ON PREVIOUS AUTO LOAN HISTORY

Question 2

AUTO INSURANCE SCORE

Answer 2

USING DATA FROM THE TRANSUNION CREDIT REPORT, IT HELPS AUTO INSURANCE COMPANIES TO ASSESS THE RISK OF INSURING A CONSUMER BY MEASURING THE PROBABILITY THAT AN AUTO INSURANCE CLAIM MIGHT BE FILED

Question 3

CHIP AND PIN (EMV TECHNOLOGY)

Answer 3

AN EMBEDDED COMPUTER CHIP IN THE CARD (CARD IS MORE EXPENSIVE), CREATES A UNIQUE NUMBER FOR EACH TRANSACTION AND REQUIRES A PIN TO APPROVE ANY CHARGE

Question 4

CONSUMER LENDING

Answer 4

CREDIT CARDS, HOME EQUITY LOANS, HOME EQUITY LINES OF CREDIT, AUTO LOANS, OTHER RECREATIONAL VEHICLE LOANS, AND APPLIANCE LOANS

Question 5

CREDIT AGENCIES

Answer 5

COMPANIES THAT COMPILE AND MAINTAIN CREDIT INFORMATION FROM CREDIT CARD COMPANIES, BANKS, MORTGAGE COMPANIES, AND OTHER CREDITORS FOR THE PURPOSE OF CREATING PERSONAL IN-DEPTH CREDIT REPORTS ON INDIVIDUALS. THE MAJOR CREDIT REPORTING AGENCIES ARE EXPERIAN, EQUIFAX, AND TRANSUNION

Question 6

CREDIT SCORE

Answer 6

A NUMBER THAT SUMMARIZES A PERSONS CREDIT RISK BASED ON AN EVALUATION OF HIS OR HER CREDIT REPORT AT A PARTICULAR POINT IN TIME

Question 7

DIGITAL WALLET

Answer 7

ALLOWS ATHE CONSUMER TO MAKE PAYMENTS IN PERSON, VIA PHONE APPS, OR ON THE WEB WITHOUT THE NEED FOR A PHYSICAL CREDIT CARD BY STORING THE CARD INFORMATION, USING ENCRYPTED SOFTWARE, IN AN APP ON THE USERS PHONE

Question 8

DUMPSTER DIVING

Answer 8

A MEANS OF IDENTITY THEFT, THAT INVOLVES GOING THROUGH SOMEONES TRASH WHILE LOOKING FOR IDENTITY INFORMATION FROM CANCELED CHECKS, BANK STATEMENTS, CREDIT CARD STATEMENTS, FEDERAL OR STATE TAX DOCUMENTS, DISGARDED CREDIT CARD OFFERS, AND PHONE NUMBERS

Question 9

FICO SCORE

Answer 9

A CREDIT SCORE DEVELOPED BY FICO (FORMERLY KNOWN AS FAIR ISAAC CORPORATION) THAT ESTIMATES THE LEVEL OF FUTURE CREDIT RISK FOR AN INDIVIDUAL. IT IS CLCULATED USING A FORMULA THAT EVALUATES MANY TYPES OF INFORMATION IN THE CREDIT REPORT AT THAT CREDIT REPORTING AGENCY AND RANGES FROM 300 TO 850

Question 10

HARD INQUIRIES

Answer 10

INQUIRIES MADE BY CREDITORS OR POTENTIAL CREDITORS

Question 11

HOME INSURANCE SCORE

Answer 11

RAGES FROM 150 TO 850 AND IS ONCE AGAIN CALCULATED USING THE TRANSUNION CREDIT REPORT. IT IS PRIMARILY USED BY HOME INSURANCE COMPANIES TO ASSESS THE PROBABILITY THAT A HOMEOWNER WILL FILE A HOMEOWNERS INSURANCE CLAIM

Question 12

RADIO FREQUENCY IDENTIFICATION (RFID) CARDS

Answer 12

THE WIRELESS USE OF ELECTROMAGNETIC FIELDS TO TRANSFER CONSUMER INFORMATION. THIS IS BEING ADOPTED BY DEBIT AND CREDIT CARD COMPANIES TO DETER IDENTITY THEFT

Question 13

SCAM

Answer 13

AN ACRONYM FROM THE JUSTICE DEPARTMENT TO HELP AVOID IDENTITY THEFT

Question 14

SECURED LOANS

Answer 14

LOANS SECURED BY COLLATERAL THAT MAY BE REPOSSESSED IF THE LOAN IS NOT REPAID AS AGREED

Question 15

SHOULDER SURFING

Answer 15

A MEANS OF IDENTITY THEFT BY THE EAVESDROPPING ON THOSE WHO PUNCH IN NUMBERS OR VERBALLY GIVE NUMBERS OVER THE PHONE

Question 16

SOFT INQUIRIES

Answer 16

INQUIRIES MADE BY THE CONSUMER OR BY A PROSPECTIVE OR CURRENT EMPLOYER

Question 17

THE FAIR CREDIT REPORTING ACT OF 1971

Answer 17

PROVIDES THAT U.S. CITIZENS HAVE FREE ACCESS TO THEIR CREDIT REPORTS AND CREDIT SCORES FROM EACH OF THE THREE NATIONAL CREDIT REPORTING AGENCIES

Question 18

UNSECURED LOANS

Answer 18

LOANS WITH NO COLLATERAL AND ONLY BACKED BY THE BORROWERS PROMISE TO PAY

Question 19

VANTAGESCORE 4.0

Answer 19

RANGES FROM 300-850 AND WAS DEVELOPED BY THE THREE MAJOR CREDIT BUREAU AGENCIES